Can the new Federal Budget help Australian SMEs go digital?

April 3th, 2019 – AUSTRALIAN businesses, especially the small and medium-sized entities, often complain about going digital.

The challenge isn’t that they don’t want to go digital or don’t see the opportunity. The reality is that most SMEs in Australia don’t have the resources to go digital and feel that there’s a serious lack of government support in this regard.

SMEs in Australia were hopeful that the 2019 Federal Budget would provide some incentive to them to help further their digital ambitions.

However, most believe that the government’s announcement is lacking in many respects, and feel that the country’s leaders aren’t focused on helping its businesses accelerate their digital journeys.

On looking closely into the budget, however, many do realize that the government is taking small steps to provide a better ecosystem and some support to help technology flourish in the country.

The biggest and most significant change for small and mid-sized businesses is the increase of the instant asset write-off threshold to AU$30,000 (US$21,300) and expanding access to medium-sized businesses with an annual turnover of less than AU$50 million (US$35.5 million).

According to official figures, more than 350,000 businesses have already taken advantage of the instant asset write-off.

It is estimated that the amendment to the turnover limit will enable around 22,000 additional businesses employing around 1.7 million workers to become eligible to access the instant asset write-off.

According to official figures, more than 350,000 businesses have already taken advantage of the instant asset write-off.

It is estimated that the amendment to the turnover limit will enable around 22,000 additional businesses employing around 1.7 million workers to become eligible to access the instant asset write-off.

More…https://techwireasia.com/2019/04/can-the-new-federal-budget-help-australian-smes-go-digital/

Written by Techwire ASIA

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